- (1.) C.M.No.1063-Cii-2016 For the reasons stated in the application, duly supported by an affidavit, delay of 27 days in re-filing the appeal is condoned. C.M. stands disposed of.
(2.) The appellant-Member is aggrieved of the order dated 09.10.2015, whereby, the objections filed under Section 34 of Arbitration and Conciliation Act, 1994 (for short '1996 Act'), seeking setting aside of the Award, have been dismissed. Mr. Ashok Gupta, learned counsel for the appellant- Member submits that the award, whereby a sum of Rs. 1,62,375/- along with interest at the rate of 10% per annum from the date of the application, i.e., 10.04.2013 awarded by the Arbitrator, is not in consonance with Clause 8 of the Agreement entered into between respondent No.1 and Member Client Agreement dated 23.01.2008. In support of his aforementioned contention, he has drawn attention of this Court to Clause 8 which reads thus:- "8 Payment of Margins: The daily margin requirement can be adjusted against the collateral maintained by the Constituent with the Member. The Member shall accept from the Constituent further order, which, if executed, will add to the open positions, only if the balance collateral is adequate to meet the initial margin on such new positions. If the balance collateral is not adequate for adjusting the daily margin requirement, the Constituent shall deposit the additional margins as required by the Member. The Constituent shall also be obliged to pay the shortfall of the daily margin, if any, on the immediate succeeding business day when the Member raises such additional margin requirement. The Constituent shall not be permitted to create any new open positions, until receipt of such additional margin."
(3.) He further submits that Constituent did not deposit cheque of Rs. 50,000/- but only gave number of the same and this fact has been duly informed on telephone, but the same was not complied with, in essence, it is the fault of Constituent and therefore, its claim before the Arbitrator was not maintainable, as member had defaulted. I have heard learned counsel for the appellant-Member and appraised the paper book.;